Legal structure for small home business online – recommendations?
Hello, I'm working on my business plan to start a small online business (baby related special occasion / event planning). I am a homemaker. I'm torn between the legal structure that would be formed. How do you really think a limited liability against a sole proprietorship?
It's really difficult to answer the question … As mentioned, there are many issues that need to be carefully considered depending on the state where you live, and the state where you intend to do business in. If you are in New Jersey, for example, the corporate minimum tax is 500 Per year. NY is only $ 100 … That would make a big difference for a small home business, if its benefits are said to only $ 10,000 – see Unlike the tax on out! Your accountant is the best person to discuss your legal organization – if you want to enter (either a corporation or LLC) or owner must remain single. For the rest of this year, however, consider only functions as a single owner – and not just over a quarter of the year and if you keep your books as simple as possible, keep your business and personal "Year" in January-December year Just my 2 cents! J